Matrixport stated that the SEC could trigger the next bull run by approving several spot Bitcoin ETFs in a row.
Institutions’ perspective on Bitcoin, the moves of the USA in the field of economy and the turbulent situations in the crypto money sector occupy the agenda. Crypto, which has experienced bankruptcies and collapses, has spent a lot of time on recovery and restructuring throughout 2023. Institutions have also been taking an interest in crypto and especially Bitcoin lately.
Spot Bitcoin ETF applications, which started with BlackRock and continued by many institutions, raised expectations. Matrixport thinks that a new bull run may be experienced with the approval of ETF applications one after another.
“Consecutive approval of several spot Bitcoin ETFs could trigger bulls”
US-focused crypto service provider Matrixport said it could kick off the rally once the SEC approves a few possible spot Bitcoin ETFs.
Matrixport touched on spot Bitcoin ETFs in its report released Thursday. As a possible scenario, Matrixport explored that the SEC might back-to-back approve spot Bitcoin ETFs. Addressing this situation, Matrixport announced that the next bull run is in the hands of the SEC.
Research manager Markus Thielen said ETF providers will incur a large marketing spend to attract retail and institutional capital. According to Thielen, the process started and the money spent will be a signal for the bull.
Matrixport announced that it managed $43.5 billion in assets during the period when the Grayscale Bitcoin Trust (GBTC) was heavily favored. During this period, the Company also earned an annual management fee of $870 million.
As a reminder, the SEC will respond to Grayscale’s GBTC lawsuit filing and the re-filing of the ARK 21Shares Bitcoin ETF next week. On the other hand, the regulator is expected to respond to seven other bitcoin ETF applications in the first week of September.
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